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government has stepped in to help. this is the third hurricane i've covered in my lifetime, andrew, katrina and now this. we are at the point where the population gets furious and they turn on the government. the government can just not handle the huge, huge logistical requirements that happen after a storm like this. could this actually turn on the president at some point here? >> reporter: i don't think so. i think what the president has had the opportunity to do is show americans that he was involved in an effort that the country was rallying behind and do his job in a way that got praise by the keynote speaker at the republican convention, chris christie, very tough critic of the president otherwise. so i don't think many voters are going to blame president obama for what's going on right now, and leave aside the fact that the states in which the difficulties are occurring db new york, new jersey, connecticut are all reliantly democratic states. what is much more important to the outcome of this election, michelle, is what's going on behind me at this afl-cio phone bank where union volu
as katrina, which was obviously devastating to an entire region and probably greater in terms of its impact than the current storm, you did see it in the numbers during that one quarterback in 2005 but the rebound was extremely quick. so you can barely see the effect of the storm in gdp numbers after that. and the one nice thing about our economy is it does tend to be able to recover quite quickly. >> austan, what's your take? on top of everything you have this gas problem as well. everybody wanting gasoline and unable to get it. >> my mother-in-law is out in new jersey, she got her power back on thursday. i was happy that she was okay. i think just the way we do the numbers has got goofy implication that your house gets knocked down, you rebuild a new one, you're no better off than you were before but that counts as an increase to the gdp because they are counting the part you're doing right now, not what was already there. >> what about the infrastructure story, governor cuomo said when new york rebuilds, it will rebuild better. is this an opportunity to make significant changes to the in
think it makes people on the ground feel better, but this is about what happened in katrina. president bush made real mistakes. i think the president has let the mistakes of the past, and chris christie has put politics aside at the moment and is on there on on the ground reassuring people to help them to rebuild. >> so you're saying if there is a mastiff misstep, it has a negative impact. but if everything goes okay, the incumbent president doesn't get an up side from that? >> this is a much broader area covered by the storm, but nothing on the scale of katrina. you have the mayor, the president, all at loggerheads about who should take control of the situation and it was chaos. this isn't the case with hurricane sandy. >> we dou know what we're going to get from obama, but what will we get from mitt romney if he's elected? i know a number of republicans throughout the united states who have been more extreme in their anti-obama views than they have about any other democratic leader since i've known them and there is a relate fear that america is being socialized by obama and that he'
following a critical disaster. he got the port of new orleans up and running after hurricane katrina in 2005. gary lagrange joins us now from new orleans. welcome to the program. it is good to see you here. if the port of new york were to make a call to you and say, look, gary, you've done this before, what should we do? what would you say to them? >> well, first, i think the port of new york, new jersey is in great hands. admiral rick larabie has weathered the storm many times before. the communications aspect is first and foremost about anything. the pilots, noaa, coast guard, army corp of engineers, all staying in touch with each other to ensure that the port and the harbor can open just as quickly as possible to assure that the safeguard and movement of commerce is first safe, but also expeditious as well. because of the magnitude of a port like new york, new jersey, just is an absolute must. a huge market area. many consumers relying on it. >> more broadly, ceos who are obviously attempting to hold businesses together and ensure that they function, many of them in a very, very difficult
. it depends how much of a long term impact there have been. we can go back to katrina which was the largest destruction where the actual costs were around $150 billion. >> you can go to our website to find out why new york is looking a lot leak amsterdam fp has something to do with bicycles. and you can tune in tonight at 8:00 p.m. for hurricane sandy coming together, a benefit concert to aid victims of the storm. hosted by matt lauer. the concert will feature performances by bruce springsteen, sting, billy joel. good line up. money collected will be donated to the american red cross relief effort. >> it's final for the jobs report due out at 8:30 achl and it is the final set of numbers and the most important set of numbers before tuesday's presidential election. most forecasts expect a slight rise in the unemployment rate to 7.9%. nonfarm payrolls expected to have a slight pick up from september. has hurricane sandy mitigated the impact or is it a key indicator? >> certainly everyone's focusing elsewhere, certainly i think as soon as people get this number, the first question is what will
is looking like hurricane katrina in one key respect and that is the price tag. steve liesman joins us now with more. billions and billions more. >> yeah. becky, the cost of sandy keeps rise and while it has not risen to the price tag of katrina, as the rubble is removed and the costs are tallied, the two storms are looking similar in the tale of devastation they tell. aid will arrive on a city focused on cutting spending. federal emergency money is subject to automatic cuts if we get over the cliff. this is the latest data putting at $70 billion to $90 billion. yesterday governor cuomo came out with this number. we know that includes what mayor bloomberg said was 19 billion. add that to what governor christie said of 29 billion. >> 360 million? >> for connecticut. >> and yesterday a company that we've been following since the beginning practically doubled their estimates of insured losses. originally 7 to 15. now 16 to 22. what i cannot tell you folks is whether or not the insured losses are included in the new york and new jersey governor statements. it could be 70 billion. governor cuom
than triple what hurricane irene cost. but still far plea record costs of hurricane katrina several years ago. governor christy hie has pledgeo rebuild the shore but that would come at an even greater cost. and where he withstand, we have to tell you as we were driving in, there are actually school buses blocking the flooded roads. you can imagine with no school in session and very thin police availability given everything that's going on, all the emergency situations, they're use aing school buses to deter cars from going down dangerous roads.aing school buses to dete cars from going down dangerous school buses to deters from going down dangerous roads. this boat was across the street and police have propped it up to get it out of the way so that emergency vehicles can keep going. of course that's the only way that you can get on the island here. back to you. >> have there been other people that you've seen out on the streets or is it pretty deserted aside from the emergency personnel? >> reporter: it's actually very deserted. and it's pretty eerie. i've seen all the pict
of hurricane katrina, senator mary landrieu joins us next. >>> apple sold 3 million ipads in the last three days but not all are ipad minis and shares of apple are near bear territory. you have a buy rating on the stock. brian, always good to see you. in terms of the release, the optics for apple in terms of interpreting news these days has been glass half full. when the release came out and they released a combined number and in other words ipad mini plus ipad sales, i almost felt like they were trying to hide something. was the number a good one? >> it's a great number because it is a doubling if you look at ipad mini and fourth generation from march numbers of wi-fi from third generation which was 1.5. this was not a wi-fi and cellular launch which we saw in march, this is wi-fi only. second thing is ipad mini is significantly supply constrai d constrained. 60% of the stores we contacted were sold out. >> at the same time isn't it important for you as an analyst to understand what exactly that mix is. it makes a big difference when it comes to margins. ipad mini is a different margin th
see on the chart physically is katrina, that bump over there on the left. all the other storms, no pun intended, wash out. here is the katrina effect that bump right there, goes up and comes back down. so hopefully this is not an effect like katrina but if it is in general we'll see if the market looks to it. i was interested in jason trennert's comments earlier that he sees a recession coming and we have to parse that because we can go up to 500,000. i don't buy it but i'd like to talk with jason. jason is a smart guy. >> jobless claims bungy like the fiscal cliff bungy, go back down and then up? >>> let's get to rick santelli who flew out before the storm from new york to chicago. rick, you got the numbers. >> yes, september trade balance of course is a deficit, but it is a smaller deficit. 41.5 billion. this comes from a lower, smaller deficit on the recession from last time august moved from 44.2 to 43.8. 41.5 is the smallest the deficit has been actually for a while. it looks to me you're going back towards december of 2010. claims actually moved lower to 355,000 from an unrevised
does to the economy. >> it does have a big impact, though. because back to katrina for example. that was $75 billion of insured losses. which meant that the economic losses were over $100 billion. so usual talking a very big deal here. companies start to assess how much the business was disrupted. accessibility to their business. the ability of their employees to come to work. you don't start to see contamination issues and environmental issues until later on. but it's unfortunate to say and you asked me a very valid question, it's unfortunate to say that i think this number could be very big. >> the other question is who pays for all of this because the flooding, a lot of this will go to the national flood insurance program. but at some point, who ends up picking up the tab. >> i think mostly the insurance companies, becky. there's three sources of ways to fund catastrophes. you have the national flood insurance program as you mentioned, but that's under fema. fema stands for federal emergency management agency. and that's basically a response mechanism and i think they're doi
want to look at sandy and katrina. because we were lucky, i made this chart before we went on. and turns out the estimate was exactly right. if you have that graphic, i don't know if you have that graphic. let's see if you have that graphic. i'm holding here for five, four, maybe not. what it shows is that there it is, that's katrina in the blue, and that's sandy in the green. you can see the pop there and it's come down. so another week of elevated jobless claims would be normal here. continuing claims too early, that's a week behind to show up here. so we're right in the range of where you would expect to be if sandy was an event along the lines of katrina. next thing is this sentiment number. you had courtney on talking about holiday christmas sales. i want to do a pre-christmas consumer check-up on their finances. i don't know if you remember. maybe you don't, unemployment a year ago, what was the number? >> a year ago we were -- >> like a point higher. >> 9%, .1%. most of the metrics you might care about appear to have moved in the right direction for the consumer going i
katrina. you can see it's following a very, very similar pattern there and the expectation is that it will come down again on thursday to 390,000. one more thing i want to look at is gdp during katrina. a slowdown during katrina you can see right there, that's third from the right there. that's the quarter it happened. second from the right is the quarter after and then you can see the pop in the first quarter of '06. drag on growth of commerce and economic activity disrupted followed by a rebound as rebuilding begins in earnest. we're looking for a revised number on gdp but a weaker quarter in the fourth quarter. the overridie inine ining gdp i sandy but the fiscal cliff. >> steve liesman. online retailers stacking up the deal offerings on this cyber-monday. still ahead, ceo of home shopping network gives us a read on traffic that company has been seeing thus far. plus, tyler and cameron winklevoss headed to post 9. we're back in two. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from
sandy didn't hit oil production facilities like hurricanes in the past, like katrina did in the gulf of mexico. so while folks are struggling in the northeast, i definitely sympathize, the situation could have been a lot worse if it hit some of the bigger petroleum sector infrastructure systems. >> and so you said prices in some parts of the country are going down. where do you think prices go in the near future? >> well, i think in pockets of the northeast that continue to be hit with supply crunches, you're going to see price increases. but for the next several weeks, i think you're going to see ripple effects of lower prices across most parts of the country. >> i see. all right. we'll leave it there. good to have you on the program, sir. thank you so much. >> my pleasure. >> see you soon. >>> up next, countdown the closely watched jobs report out first thing tomorrow morning. we'll give you the handicapping of it. stay with us. uh, i'm in a timeout because apparently riding the dog like it's a small horse is frowned upon in this establishment! luckily though, ya know, i conceal th
modeling company. ranking it second only to hurricane katrina. the death toll from hurricane sandy leaves 92 across the usa. the number of that continues to rise. search and rescue efforts continue. 4.5 million people remain without power. lower manhattan is being promised electricity by saturday. >> power outages also shut down gas stations across the northeast, frustrated drivers waiting in line for hours. minutes ago we learned amtrak is resuming service from newark to washington and area airports are almost back to normal. and between news for the 26 mile new york city marathon will proceed as planned this sunday. >> so welcome back, everybody. the pictures and stories left from the storm's after math are still jaw-dropjaw-dropping. let's begin with scott cohn in lower manhattan. >> larry, hurricane sandy sent about 4 feet of water in the financial district and they think it actually may be a total loss, about $300,000 worth of damage. and they don't know if insurance is going to cover it. you multiply that by thousands of businesses and you begin to get a sense of what the problem is
it? >> fema responds rather adroitly to -- katrina notwithstanding, to these disasters. i suspect they're going to be quite responsive right now for those who have been displaced, who have lost family members, who don't have homes. i think there will be a rapid response from the federal government. >> i'm just saying, we could use that money in other areas right now. not necessarily the bond buying program. just an observation. >> maria, i got say, i don't know if the bond buying is actually helping. we're seeing a lot of bond buying. i don't know where that money is going to. we see unemployment raising. >> is survey showed pick ups in demand for most classes in lending right now. so it has had a positive effect in a place where it could matter. we have seen in general some of the interest rates that matter go down in the economy, including mortgages. >> and a big uptick in housing. >> maybe not perfect, but it seems to have had an effect. >> do we anticipate the typical pickup in economic activity following a natural disaster of this magnitude here, ron? >> bill, listen, it's go
the singest biggest car destroyer since katrina. or maybe more, given the fact that so many imparted cars were damaged near the cox of the region's rivers. tuesday morning we hear from the brothers toll. here's the best home builder in the country go. ing to tell you the story of the boom. if you remember there was a time when bob toll of toll brothers and eagles fan came on "mad money" during what turned out to be the early part of the housing collapse. he said he saw the light at the end of the tunnel. but it was most like lit light of an on-coming train. those days are gladly behind us. i suspect the toll tells a story that it goes down the fiscal cliff monday. every day is fiscal cliff tuesday, wednesday, thursday. you get the picture. anyway, you should pull the trigger here to buy it here if the fiscal cliff does what i'm afraid of. brown foreman reports wednesday. this is an interesting one. why? because goldman downgraded it to sell. just last night. i've seen this movie. they were wrong last time. they'll be wrong again. i'm going to bet them a bottle of jack daniels that will be the
in the rebuilding of new orleans after katrina. so -- >> also, if you're a big movie star, can you kind of do these things the rest of us can't do. i sit around and think about furniture i want, but i don't think i could call up pollaro, hey, dude, let's do a deal. frank, if you're out there, give me a call. >>> rising above, which is our campaign about the fiscal cliff and how important it is that we get a solution, not just a deal. go on the website to read more about it. hopefully later today or tomorrow we'll tell you if you want to sport one of these handsome buttons. >> they gave me one just for coming on. >> i like that. >> we all have them. >> we'll hopefully have some ability to get you some buttons. >> i'm glad you found your button, ty. >>> coming up in the next hour, wendy's and mcdonald's moving in opposite directions today. we crown the best fast food stock. "power lunch" is back in just a few moments with the dow jones industrial average now paring its losses, off 56 points. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-34
worked katrina, many worked -- spent extensive time repairing lines, never seen lack of maintenance, lack of management, lack of understanding. they called the situation the worst they have ever seen. that's why with many of these condition, tyler, being public, so important for investors to understand what could happen f this was a stock this would be at zero now. zero. >> the management would be out of there today. they would be done? >> correct. >> talk about another guy that you met a major player on wall street and his experience. again, here we are, new york city, parts of downtown, 55 water street, major building downtown still without power. we actually ran into a gentleman in the local deli here, a great place everybody goes to he was in there for the free wifi because he lives in old west bury, works in downtown manhattan, actually in there i think we have a picture of him, there he is, basically having to access online and do his job from there. again, much of the national media has left this. this is still happening and this is now over two weeks since the disaster. >> absolut
-pinching scrooge when they wanted beneficent santa claus. >> we had katrina. we had a down economy. now we got the spill. you can't tell me one person that has not suffered. why don't you open up the purse strings? >> here's my answer. [applause] don't trust my words. my words--you've heard a lot of talk. let's just see, over the next few weeks and months, have i delivered on my promise to help people in mississippi? >> ever since the deepwater horizon blew, it was clear that this was a disaster in the making. the fishing industry came to a stop. tourism was wrecked. the livelihoods of hundreds of thousands, anyone who was dependent on these waters, were in deep jeopardy. under pressure from the federal government, bp agreed to create a victims compensation fund. both bp and the white house wanted one man, ken feinberg, to administer it. >> i felt that if asked, i should step up and try and help as best i can. >> what is it about ken feinberg that makes him the nation's arbiter of impossible decisions? >> i think there's something that experience brings to the table in terms of getting these p
have school groups all over the country that are raising funds for important causes, on katrina relief, for new computers, or other issues for their schools. >> but as weller freely admits, he's got a financial interest in the high cost of penny-pinching. remember that shower of zinc pennies at the mint? well, weller's a lobbyist for jarden zinc, the tennessee company that sells those little blank discs for the mint to turn into lincoln pennies. if you don't have the penny out there, it would be a major kick in the pants to the zinc industry, wouldn't it? >> i think if you look at overall at the uses of zinc in the economy, that this is a smaller part of that overall. i think if you look back at the merits of the argument, which is, what happens if you don't have the penny and you round transactions to the nickel. that's a loser for charity groups. that's a loser for the american public. >> and on the contention that rounding to the nickel would force prices up, mint director moy says weller may have a point. >> we've taken a look at the studies of countries who have gotten rid of thei
as i did after katrina and other storms when i was active, i said to governors, please, please, take the burden off the consumer and retailer, put in a short-term rationing system. go to odd even purchases. i know it inconvene enss people, but limit the gallon people can purchase. do this for just a period of time it takes to get theissue. people said well get a generator at the gas station. well, a generator at the gas station would have to be very large and wired in advance with all the safety precautions and so forth. but if the telephone lines are down, you can't use credit cards. and the cash register is tied to the pump. so you need a whole electrical system overhaul, not just the generator. and so you need some kind of order in chaos. that's what i'd be saying to governors. >> we're looking -- i guess coincidentally at shell stations around the area with extremely long lines. as we mentioned, you used to be the president and ceo of u.s. operations for shell. is the role of the ceo in this case somewhat limited because many of these stations are independently owned and operated
that are on tv are not conducive to people wanting to buy stocks. these are like in some cases katrina-like pictures in terms of the devastation. >> even with a jobs report that the critics are -- >> it's hard for them to cite size it. some of them are making up numbers. most of the economists i talk to are calling this a stronger than expected jobs report and it goes with other strong data this week suggesting here is what you got to know. it's a economy that was on a modest upswing just before this catastrophic hurricane hit the northeast. 171k compared to a forecast of 125,000. so an upside surprise. the unemployment rate ticked up as expected. these were the two disappointments, the average hourly earnings and average weakly earnings numbers which by the way -- you could use those numbers. they're fine. revisions were up 84,000. the average revision in the past 18 months has been plus 45,000. this 92,000 number in august was revised up to 192,000 now. here are the good signs. where is that next one? they don't have it i guess. there we go. the revisions positive, temporary help pos
? for hurricane katrina, they changed their estimation procedures to attempt to control for the fact businesses were closed so they weren't getting respondents as a result of closed businesses. after katrina, you had a sharp decline in payrolls. actually, negative after a trend or 200,000 a month. so if it's anything similar to that, then i would expect to see a soft jobs number next month, but the idea is to look past that, right? we know it's a temporary bias. it doesn't necessarily tell us anything about the underlying trend in the economy and you'll get a reversal on the subsequent months after the downward buys from the hurricane. >> but i just wonder if we work our way into december and people are on vacation and not as attuned to the news as they are in other part os the year, but if there's no agreement in washington and if sandy results in noise issy numbers that are bearish, there's a chance you might be revising some expectations in the next month, no? >> and you're right. even though we know there's bias and distortions to the data, it's hard to quantify that. you have this worry th
behind katrina, 9/11 and hurricane andrew. with the final tally still months away the total costs impacted in how soon the power and transportation grids are back to normal. the sooner they are the lower the final price. as for the firms covering the claims, earnings will take a hit but analysts say the industry is well reserved to cover sandy with over $500 billion in capital the industry has funds to pay, its premium increases over the last year and decline in catastrophe claims helped to bulk up their financial profile. the storm's impact a negative hit to fourth quarter results so after it may help lift profits by getting insurers cover to raise premiums. morgan stanley is expecting to see sandy cut earnings by 26%. deutsche bank expects chub, travelers and allstate to see sandy cut shareholders equity by 2%. aig says it's auto eartoo early say. travelers and chub making no comment on potential losses for now but like all the others, they have adjusters fanned out across the northeast to reach clients. state farm says as of saturday it received more than 63,000 how many owners
command, a m.a.c., something they use in the military when they have disasters like katrina or sandy. they look at disaster preparedness for markets, not talking about setting up a task force for years, go in, look at this, figure out how we can do better in the future because there will be another tragedy. >> people speculated part of the problem may be you need to get the brokerage floors of the partners filled, too, and all of those brokerage floors were affected by the same thing because they were in the same area. is it a situation of needing the brokerage floors or needing a complete backup site in a different state or somewhere further away? rick santelli had talked about this, too. >> archipelago is in the new york area so you don't have something that's hundreds of miles away. that would have helped but the main problem was that people didn't adequately test the system. you remember "field of dreams" if you build it, they'll come. the new york stock exchange built it but they didn't come, in small volumes they came. that needs to change. these are electronic markets. it shou
involved in the aftermath of katrina and some of the storms that hit in '05, and you look back on those experiences and it's very difficult the day before to figure out what to do. and while i think particularly here there was a lot of planning in advance, it's not untypical to avoid thinking about the unthinkable. >> right. >> it's happened in many situations. >> real quick. politically, we keep talking about the politics of the fiscal cliff and all of this, but the politics of energy in this country, do you think that 2020 prediction is ultimately going to be right. do you see the administration now they've been reelected doing the things that you think will actually get us there? yes, no, where are you? >> i'm skeptical as to whether we'll actually reach that goal. it's possible. unfortunately, we could have been producing a whole lot more oil even before we started opening up the shale areas in the last few years, but we shut down the gulf of mexico after the bp spill. actually had virtually no activity for two years in the gulf of mexico. which cost us a lot of jobs and opportunity
excess capital. >> you remember buffett in '05, you know, after what -- how many storms in '05 katrina. and he said, the next couple of years, nothing's going to happen, and we're going to make so much money -- and nothing did happen. >> it will be sought off. and there's this effect between the insurers and the reinsurers. you'll see also a lot of activity in european and bermuda re-insurance as those insurers have to go out. >> well, eric -- go ahead. >> i had one quick question, totally unrelated, though. it was aig, he participated four years ago now. >> yes. >> can you possibly believe that aig has come back the way it has? >> well, i think i came on the show and said -- i had this analogy, which i guess, you know, we could debate. but i said there were all these gold bricks in the mud of what was then thought of as aig and the insurance companies were the jewels of the empire. and you see now that there is at the bottom so to speak all these operating companies that were really quality, they're coming out, and i think the government ultimately did the right thing by making that p
, a couple weeks ago or three weeks eeg y ago you were talking about sandy being twice the size of katrina but the wind speeds weren't as much and it wasn't going to affect all state. did you see christie and cuomo? are those real numbers? is that what they'd like to see from the feds or is it worse than what you thought on november 1st? itz's worse than what we thought out. it will cost us 1 billion 75 doll lars. it is a significant event. it's significant flooding. that's not typically konked by us but by the government if you buy their policy. unfortunately very few people buy coverage. so unfort flatly there's a bunch of people whose homes got wrecked and that's what cuomo and christie are seeking. our government has a hit of going back to the state and saying, sorry you didn't buy insurance, here's some money and they'll do it again. they're trying to negotiate as to how much they get. >> allstate's ceo tom wilson. we appreciate your time. >> thank you. >>> when we return, we'll have gene ludwig. he will be our special guest. also at the bottom of the hour, we'll talk oil, gold, and m
Search Results 0 to 27 of about 28